Month: January 2017

BankruptcyData’s detailed analysis and summary of Nortel Network’s First Amended Joint Chapter 11 Plan of Reorganization, dated January 23, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on January 24, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Liquidation Analysis for Reorganized Nortel Networks estimates that the…

The U.S. Bankruptcy Court approved Golfsmith International Holdings’ motion to extend by 120 days the exclusive period during which the Company may solicit acceptances for its Chapter 11 plan through and including May 12, 2017 and July 11, 2017, respectively. As previously reported, “The Debtors have sold substantially all of their assets and are working…

The U.S. Bankruptcy Court issued an order approving (1) the sale of substantially all of Xtera Communications’ assets pursuant to the stalking horse agreement free and clear of liens, claims, encumbrances and other interests and (2) the asset purchase agreement (APA) between the Company and stalking horse bidder H.I.G. Europe – Neptune. The order states,…

United States/USAO filed with the U.S. Bankruptcy Court an objection to Modular Space Holdings’ Joint Prepackaged Plan of Reorganization and related Disclosure Statement. The objection asserts, “The United States objects to the Disclosure Statement because it does not contain information adequate to allow creditors to make informed decisions about the Plan. In fact, both the…

Azure Midstream Partners (f/k/a Marlin Midstream Partners) and 11 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Texas, case number 17-30461. The Company, which is a limited partnership formed to develop, operate, and acquire midstream energy assets, is represented by Christopher Manuel Lopez of Weil Gotshal…

Dakota Plains Holdings filed with the U.S. Bankruptcy Court a first amendment to its asset purchase agreement (APA). The amendment notes, “On January 23, 2017, the Sellers held the Auction pursuant to the Bidding Procedures Order, at which time, the Purchaser and Seller agreed that the Purchaser shall increase the Purchase Price. Now, Therefore, in…

Triangle USA Petroleum filed with the U.S. Bankruptcy Court a notice of filing of Amendment No. 1 to its backstop commitment agreement. The notice states, “Pursuant to the Amendment, the Backstop Commitment Agreement has been amended to (a) remove Southeastern Asset Management, as a party thereto and a Backstop Investor thereunder and (b) add Franklin…

Peabody Energy filed with the U.S. Bankruptcy Court Second Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The $75 million that the Debtors and Reorganized Debtors are obligated to fund for the Class 5B Cash Pool shall be Allowed Administrative Expense Claims, which shall be (a) reduced to $37.5…

The U.S. Bankruptcy Court confirmed LINN Energy Debtors Linn Acquisition and Berry Petroleum’s Amended Joint Chapter 11 Plan of Reorganization. According to the Disclosure Statement, “The Plan provides for the reorganization of the Berry Debtors as a going concern and will significantly reduce long-term debt and annual interest payments of Reorganized Berry, resulting in a…

Privately-held United Kingdom-based Toisa and 23 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 17-10184. The Company, which operates a diversified shipping business and owns a fleet of offshore oil support vessels, is represented by Albert Togut of Togut, Segal &…

2017 Bankruptcies by Industry

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